(a)   Any retail or wholesale business taxable under Section 757.05 , which shall, after the passage of this section, commence retailing or wholesaling activities taxable under Section 757.05 within the corporate limits of the City, which constitutes a New Business as defined in Section 757.01 , and which commencement within the City is not merely by reason of annexation by the City, shall be eligible to make application with the City Treasurer's Office for a tax credit against the business' normal Business and Occupation Tax liability as follows:
      (1)   75% during the first calendar year of taxable activity;
      (2)   50% during the second calendar year of taxable activity; and
      (3)   25% during the third calendar year of taxable activity.
   (b)   "Normal Business and Occupation Tax Liability", as used in this section, means that tax computed by the application of rates contained in Section 757.05 , to income generated from activities described therein, less the amount of annual exemption allowed.
   (c)   This tax credit shall apply only to income taxable under Section 757.05 .
   (d)   The tax credit may be available for a period of three consecutive calendar years from the date of commencement of taxable activity. Upon the request of the tax payer, the City Treasurer's Office shall provide information regarding this tax credit section to any business which commences retail or wholesale business within the City.
   (e)   Any taxpayer who fails to file returns and pay the City's Business and Occupation Tax, interest and penalties due under this Article within three calendar months of the initial due date for such tax hereby waives an forfeits any right to apply for or receive any credit against the tax due and owing under the City's Business and Occupation Tax as authorized in this Section 757.42 .
(Ord. 2018-03.  Passed 2-20-18.)